SEOUL, Apr. 22 (Korea Bizwire) — South Korea’s internet industry saw its revenue surpass 600 trillion won (US$435.5 billion) for the first time in 2022, data showed Monday. The total sales of the local internet industry reached 622.1 trillion won in 2022, up 16.6 percent from 533.7 billion won a year ago, according to data [...]
SEOUL, Apr. 22 (Korea Bizwire) – A new study suggests that network operators, including telecommunications companies, provide benefits worth an estimated 506 billion won annually to Netflix users in South Korea. The research paper titled “An Empirical Study on the Benefits Provided by Internet Service Providers (ISPs) to Over-the-Top (OTT) Service Users,” authored by Professor Byun [...]
SEOUL, Apr. 3 (Korea Bizwire) — Baedal Minjok, or Baemin, a delivery app, said Wednesday it will begin delivering Starbucks coffee and food in South Korea from later this month as it strives to strengthen its services. Starbucks has delivered its coffee, variation beverages and food products to customers through its own app. Baemin will [...]
SEOUL, Mar. 25 (Korea Bizwire) – Karrot, a homegrown South Korean app that facilitates hyperlocal community interactions, is rapidly gaining traction in Canada, cracking the top 10 rankings on both the Google Play Store and Apple’s App Store in the free social app category. According to industry sources on Friday, Karrot secured the No. 5 and [...]
SEOUL, Mar. 20 (Korea Bizwire) — South Korea posted a trade surplus in intellectual property rights (IPRs) in 2023, partly due to trade surplus in copyrights, central bank data showed Wednesday. The country’s cross-border IPR trade surplus stood at US$180 million last year, compared with a shortfall of $1.11 billion a year earlier, according to [...]
SEOUL, Mar. 19 (Korea Bizwire) – Starting March 26, members of Coupang’s premium subscription service, Wow, will be able to order food through the company’s delivery platform, Coupang Eats, without paying any delivery fees, the company announced. In a bid to alleviate the burden of delivery costs for consumers, Coupang Eats will introduce an “unlimited free [...]
SEOUL, Mar. 11 (Korea Bizwire) – In recent years, as marriage rates have fallen, the number of wedding venues across the nation has seen a consistent decline. However, a recent study reveals a significant surge in revenue for these venues, a trend uncovered through a comprehensive analysis of the national wedding market utilizing big data. According [...]
SEOUL, Feb. 29 (Korea Bizwire) – In a groundbreaking move aimed at enhancing operational efficiency in the face of declining profitability, NCSoft, a leading South Korean video game developer, has announced its intention to reduce the compensation limit for its directors for the first time since the company’s inception. The decision, revealed through a notice of [...]
SEOUL, Feb. 28 (Korea Bizwire) — Facebook founder Mark Zuckerberg will likely meet with business officials from leading South Korean tech companies and startups, including Samsung Electronics Co., during his visit to Seoul, industry sources said Wednesday. The CEO of Meta Platforms, Facebook’s parent company, arrived in South Korea on Tuesday night following his visit [...]
SEOUL, Feb. 28 (Korea Bizwire) — South Korean e-commerce giant Coupang Inc. said Wednesday its fourth-quarter net profit more than doubled from a year earlier and it shifted to an annual profit for the first time since its foundation on increased subscribers and growth in new businesses. Net profit for the three months ended in [...]